To start the question, you must figure out how much money is 4% of 175000. You solve for that by multiplying .04 by 175000.
.04 * 175000 = 7000
Now, we have to find what percent 4725 is of 7000. First, let's convert that into a fraction: 4725/7000. To find the decimal, you divide the numerator by the denominator.
4725/7000 = .675
To turn that into a percent, you move the decimal two places to the right.
.675 turns into 67.5
Your teacher asked to round it up to the nearest tenth of a percent, but the number is short enough that we do not need to round. Your answer is 67.5%.
I hoped that helped, tell me in the comments below if you need more clarification about something. :)